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NYC’s Waterfront Bombarded with New Constructions

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Over the last five years, since Superstorm Sandy washed out the neighborhoods along the city’s coastline and caused billions of dollars in damages, developers are filling these waterfront areas with tons of new commercial and residential buildings.

In a study by StreetEasy, released on Wednesday, October 25, it noted an “explosion” of new buildings. In the report, StreetEasy Senior Economist Grant Long said, “The demand for new housing has proven stronger than the memory of Sandy’s destruction.”

He said, “The pace of waterfront development conflicts with the lessons of Sandy and this year’s hurricane season, and calls the wisdom of development in some flood-prone areas of the city into question.”

The study found that since 2012, Red Hook, which had its streets flooded with up to nine feet of water during the storm, has 27 new residential buildings. With the rise of new constructions, the cost to live in Red Hook also continues to rise. This year, the neighborhood earned the rank as the priciest area in Brooklyn to live in. Back in May, the Italian developer Est4te Four was paid $110 million by Sitex Group for a five-property development site on the waterfront.

Corcoran broker and 15-year Red Hook resident, Chris Sheller told DNA Info that while buyers are aware of the storm, it is likely just “in the mid-front of their mind.”

He said, “There are some people who will only look on Coffey Street, where I have a listing, because it did not flood there.”

The close proximity to Manhattan and new options for transportation like the NYC Ferry make the area more attractive and help to draw in new buyers.

Sheller added, “The neighborhood has certainly rebounded. As awful as it was, the neighborhood is doing better than it was before. It’s a testament to New York and the neighborhood. It didn’t destroy the neighborhood.”

The Real Deal reports, “In Queens, Belle Harbor — which was hard hit by the storm — has seen prices rebound since 2012. The median sales price on the peninsula dropped to $207,000 from $357,500 after Sandy. But it bounced back and is seeing the largest building boom of any flood-zone neighborhoods in the city.”

Tracey Real Estate’s Bob Tracey said that when people move to the coast, potential storms are just “part of the territory.” Tracey said, “Living along the coast has its benefits and its liabilities and the benefits outweigh the possibility of a storm.”

By Mark Snyder

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